Raymond James Financial Inc. Buys Shares of 696,761 Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Raymond James Financial Inc. purchased a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 696,761 shares of the oil and gas company's stock, valued at approximately $5,755,000. Raymond James Financial Inc. owned approximately 0.18% of Patterson-UTI Energy as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $263,000. Atria Investments Inc raised its holdings in shares of Patterson-UTI Energy by 3.7% in the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after buying an additional 1,252 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company's stock worth $9,472,000 after buying an additional 265,714 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Patterson-UTI Energy by 7.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,810,020 shares of the oil and gas company's stock valued at $47,991,000 after buying an additional 379,938 shares during the last quarter. Finally, Sage Rhino Capital LLC increased its position in shares of Patterson-UTI Energy by 38.8% in the 4th quarter. Sage Rhino Capital LLC now owns 14,059 shares of the oil and gas company's stock valued at $116,000 after acquiring an additional 3,928 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at approximately $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.30% of the company's stock.

Analyst Ratings Changes

PTEN has been the topic of several research analyst reports. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday. Finally, The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $11.54.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded down $0.19 during trading on Friday, hitting $8.19. The company had a trading volume of 9,577,733 shares, compared to its average volume of 8,334,885. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of -3.32 and a beta of 1.99. The stock has a fifty day simple moving average of $8.35 and a two-hundred day simple moving average of $8.20. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.03 and a fifty-two week high of $12.65.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.91%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.96%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.